{
  "title": "European Monetary Union and International Capital Markets: Structural Implications and Risks",
  "publication": "IMF Working Papers, May 1, 1997",
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  "summary": "This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets.",
  "sections": [
    {
      "heading": "Scope and central questions",
      "content": "- Analyzes the structural implications of EMU for international capital markets.\n- Discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets.\n- Examines the euro’s impact on international securities markets, including:\n  - the role of the ECB,\n  - the evolution of EMU securities markets,\n  - aspects of systemic risk management.\n- Considers implications for wholesale and retail banking markets.\n- Addresses broader implications of the introduction of the euro for:\n  - changes in international capital flows,\n  - international portfolios,\n  - and, by implication, exchange rates."
    },
    {
      "heading": "Key thematic findings (as described in the paper)",
      "content": "- Potential size of euro capital markets and the roles of European currencies in international capital markets are central determinants of EMU’s structural impact.\n- The euro’s introduction affects international securities markets through institutional roles (notably the ECB) and market evolution dynamics.\n- Systemic risk management considerations arise from changes in securities market structures associated with EMU.\n- Wholesale and retail banking markets face distinct implications from EMU-induced market integration and currency unification.\n- Changes in international capital flows and portfolio allocations are expected consequences of a single European currency, with implications for exchange rate behavior."
    },
    {
      "heading": "Subject areas and keywords covered",
      "content": "- Subjects: Banking, Capital markets, Competition, Currencies, Financial markets, Money, Securities markets, Stock markets\n- Keywords: Capital Flows; Capital Markets; Competition; credit risk; Currencies; deutsche mark; EMU; EU financial market legislation; Euro; Europe; Global; government bond; institutional investor; interbank market; Italian lira; monetary policy; North America; pound sterling; repo market; reserve currency; Securities markets; single currency; Stock markets; treasury bill; U.S. dollar; WP\n\n---\n\n Content in this bundle\n\n- wp9762\n  - wp9762 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp9762 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/european-monetary-union-and-international-capital-markets-structural-implications-and-risks-2233"
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    "Authors: Garry J. Schinasi, Alessandro Prati",
    "Published: May 1, 1997",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451848250.001",
    "Analyzes the structural implications of EMU for international capital markets.",
    "Discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets.",
    "Examines the euro’s impact on international securities markets, including:",
    "Considers implications for wholesale and retail banking markets.",
    "Addresses broader implications of the introduction of the euro for:",
    "Potential size of euro capital markets and the roles of European currencies in international capital markets are central determinants of EMU’s structural impact.",
    "The euro’s introduction affects international securities markets through institutional roles (notably the ECB) and market evolution dynamics.",
    "Systemic risk management considerations arise from changes in securities market structures associated with EMU.",
    "Wholesale and retail banking markets face distinct implications from EMU-induced market integration and currency unification.",
    "Changes in international capital flows and portfolio allocations are expected consequences of a single European currency, with implications for exchange rate behavior.",
    "Subjects: Banking, Capital markets, Competition, Currencies, Financial markets, Money, Securities markets, Stock markets",
    "Keywords: Capital Flows; Capital Markets; Competition; credit risk; Currencies; deutsche mark; EMU; EU financial market legislation; Euro; Europe; Global; government bond; institutional investor; interbank market; Italian lira; monetary policy; North America; pound sterling; repo market; reserve currency; Securities markets; single currency; Stock markets; treasury bill; U.S. dollar; WP",
    "**_wp9762**"
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